Walt Robb acquires more MTI stock

Local investor Walter Robb has acquired another large chunk of Mechanical Technology Inc. stock.

Robb acquired 14,736 shares for $1.30 each on May 15 and an additional 55,217 shares on May 16 for $1.27 per share. He now owns 350,000 shares.

Robb sits on the board of directors of the company, which is developing a micro fuel cell for use in personal electronic devices such as cellphones and digital cameras. The fuel cells run on methanol and could become a significant alternative to traditional batteries if researchers can make them smaller and more powerful.

Considered a “clean” energy source, the fuel cells also cut down on the use of electricity since they would be recharged with methanol cartridges instead of being repowered by an electrical outlet.